First West Mortgage Bankers, Ltd - Suspension Order
State of New York Banking Department
In the Matter of
FIRST WEST MORTGAGE BANKERS, LTD.
A Licensed Mortgage Banker pursuant
- Licensee -
Whereas, FIRST WEST MORTGAGE BANKERS, LTD., (“the Licensee”) was granted a license on August 12, 1985, to engage in business as a mortgage banker pursuant to Article XII-D of the New York Banking Law (the “Banking Law”) and currently maintains a principal office at 1728 Sunrise Highway, Merrick, NY 11566, and branch offices at 3619 Avenue S, Brooklyn, NY 11254; 500 N. Broadway, Suite 141, Jericho, NY 11753; and 755 Waverly Avenue, Suite 102. Holtsville, NY 11742, and
Whereas, a complaint came into the New York State Banking Department (“the Banking Department”) on January 22, 2008, that the Licensee might not have a warehouse line of credit and might be operating without the minimum net worth required by Banking Law; and
Whereas, on January 22, 2008, the Banking Department verified that the Licensee is currently without an active warehouse line of credit, in violation of Part 410.1(b)(2) of the Superintendent’s Regulations; and
Whereas, on January 23, 2008, the Banking Department verified that a bond cancellation notice was sent to the Licensee on August 23, 2007, and that the licensee is currently without an active corporate surety bond, in violation of Part 410.1(b)(3) of the Superintendent’s Regulations; and
Whereas, this course of action has been necessitated as a result of the lack of available warehouse funds and an active corporate surety bond; and
Whereas,pursuant to Section 595(1)(b) of the Banking Law, the Superintendent may revoke a mortgage banker’s license if it is found that any fact or condition exists which, if it had existed at the time of original application for such license or registration, would have warranted the Superintendent in refusing originally to issue such license.
Whereas, pursuant to Section 595(2) of the Banking Law, the Superintendent may for good cause shown, or where there is substantial risk of public harm, suspend the Licensee’s mortgage banking license for a period not exceeding 30 days, pending investigation;
Whereas, pursuant to Section 595(5) of the Banking Law, the suspension of a mortgage banker license shall not impair or affect the obligation of any pre-existing lawful contract between Licensee and any person; and
Whereas, the Licensee’s aforementioned actions constitute grounds for suspension or revocation of its license under Sections 595(1) (b) and 595(2),
NOW THEREFORE, the Superintendent hereby finds that First West Mortgage Bankers, Ltd. Has defaulted in performing its financial obligations and that good cause exists to suspend First West Mortgage Bankers, Ltd.’s mortgage banking license. The Superintendent further finds that there is a substantial risk of public harm. Consequently, the Superintendent hereby immediately suspends First West Mortgage Bankers, Ltd.’s mortgage banking license for a period not exceeding 30 days from the date of this Order pending investigation
Witness, my hand and official seal of the Banking Department at the City of New York, this 29th day of January in the year two thousand eight.
Deputy Superintendent of Banks